About RM2.1bil will be used to develop the projects, while RM400mil has been allocated for the construction of infrastructure such as roads and drains, water reservoir drainage systems, sewage treatment plants and fibre optic.

Setia Haruman is 75% owned by Emkay Group, with the balance held by UEM Land Bhd. It is entrusted with designing, planning and developing about 2,830ha in Cyberjaya.

Mustapha said Cyberjaya had become a development hotspot with many property developers seeing potential to cater to working adults and students in the area.

“Over the last three years, 16 major developers have acquired large tracts of land for residential, commercial and institutional developments. This has resulted in Cyberjaya experiencing a residential and commercial boom,” he said.

Setia Haruman chief operating officer Lao Chok Keang said the company expected to fund the projects with internal funds.

“We have a facility of about RM200mil, and the gross development value of the projects would be 20% to 30% higher than our investment,” he said.

Since 2009, other developers like Mah Sing, SP Setia, OSK and Glomac began buying large parcels of land in the area, and there now are 16 developers building their projects concurrently in Cyberjaya.

The ongoing and upcoming cumulative investments amount to about RM20.6bil and are projected to reach RM52.6bil by 2016.

Cyberjaya now has about 11.1 million sq ft of completed offices, 263 shops, 3,200 completed residential units, four schools, and five universities and colleges.